"Security Trustee to the lenders holds 51 per cent equity shares of JITPL on behalf of the lenders of the company. The lenders now propose to sell these shares along with management control in JITPL," according to the bid document inviting expression of interest for the stake sale.

Further, it said the transaction related to stake sale is proposed by way of bidding process and "the debt on balance sheet of JITPL may be refinanced based on discussion/proposal submitted by prospective investors".

The consortium of lenders have engaged SBI Capital to find a new promoter.

The 1,200 mega watt coal based thermal power plant built at a total cost of Rs 7,061 crore or Rs 5.88 crore per megawatt has been set up in two phases of 600 MW each.

Phase I & II of the power project were commissioned in 2014-15. The project has been funded at a debt to equity ratio of 75:25.

On the fuel arrangement, the company has linkage from Coal India to supply over 2.687 MMTPA fuel on long term power purchase agreement (PPA) for 600 MW, and the balance coal is being procured through e-auction and special forward e-auction from Talcher mines in Odisha.

The company had registered a net loss of Rs 310.21 crore in nine-months to December of 2016-17, as per the bid document.

In 2015-16, the net losses were Rs 262.60 crore and in 2014-15, the company had registered a net loss of Rs 23.83 crore. However, in 2013-14 there was a net profit of Rs 5.65 crore on the books of the company.

“To save the environment and to fight climate change, my government has planned a major campaign. By 2022, we want to generate 175 GW of renewable energy. In the last three years, we have already achieved 60 GW or around one-third of this target,” he said.